State To Launch Loan Fund for Commercial Fishermen
Hoping to help the state's commercial fishermen adjust to a new and some say complex groundfish management system, the Patrick-Murray Administration announced Tuesday it plans to create a new loan fund with hope of bridging the economic fallout.
Agreement Approved by State and Federal Fisheries Agencies Will Authorize $1 Million in Federal Funds for Loans to Massachusetts’ Commercial Fishermen Gov. Deval Patrick announced Tuesday that Massachusetts is creating a new Commercial Fisheries Revolving Loan Fund (RLF) – the first of its kind in New England – designed to help bridge the gap for commercial fishermen as they transition to the new sector management program for groundfish. “Massachusetts has a proud tradition of commercial fishing, and these direct loans will help preserve the economic viability of our fishing ports and communities,” said Gov. Patrick. “I thank NOAA and the National Marine Fisheries Service for these funds to help ease this transition.” In May 2011, as an …
